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20130113
20130121
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the government hit the debt ceiling at the end of december, but treasury secretary tim geithner was able to extend government funding through february 15. republicans want big spending cuts in exchange for raising the borrowing limit. president obama says he will not negotiate with congress paying its own bills. >>> did you see a big difference? the first paycheck of the new year brought surprises and raised eyebrows for at love people all over the country. as pam cook reports in our newsroom, it's not a good surprise, pam. it's expected to have a big impact on the economy. >> reporter: yes, it is. the country did not fall off that fiscal cliff but as a result, some people say it feels like their personal budgets did. the federal compromise means tax breaks for social security and medicare expire. for singles earning $200,000 a year, couples earning $250,000 a year, that translates to about a 2% cut to their take- home pay. one man said he and his wife are losing nearly $300 a month. that's their car payment or groceries for the month. the nonpartisan tax policy center estimates that 77%
a consensus on this in the political process that the debt ceiling has no rational place in this. the president addressed that yesterday, but the fact is playing russian roulette with the u.s. economy and the wellbeing of our population has no place in an honest debate about how much spending should be cut, how much investment should be made to address these broader economic and social deficit ands how to resolve this and get on to other parts of the national agenda. sooner or later, i think, the congress and the president will agree. you saw approaches to this in senator mcconnell's comments in the last couple of weeks and, obviously, in the president's that the key control is in the authorization and appropriation process, and the ability to pay those bills through either revenue sources or borrowing ought to be attached to the decision to spend, not used as a point of leverage in many broader and more or important negotiations. >> thank you, lew. can i just follow up, and i don't know if this is a little bit of a tan gent, but i think i just want to ask you because of your pos
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